# CREATE MEDIC CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/01/01－2025/12/31) (S100XUEF)
> Page: https://vizora.meequs.com/en/company/create-medic
> Retrieved: 2026-09-30T19:41:59.772Z

## Company

Create Medic, founded in 1974, is a company in Medical Devices listed on TSE Standard. It has 1,010 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CREATE MEDIC CO.,LTD. |
| Ticker | 5187 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5187.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市港北区新横浜二丁目5番地15 新横浜センタービル8階 |
| Representative (per filing) | 代表取締役社長 今澤 修 |
| Founded | Aug 1974 |
| Share capital | ¥1.46B |
| Employees (consolidated) | 1,010 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.createmedic.co.jp (https://www.createmedic.co.jp/) |
| Corporate number | 7020001008505 |
| EDINET | E02416 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100XUEF, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.4 | 38 |
| Profitability | 32.1 | 39 |
| Cash conversion | 19.7 | 38 |
| Efficiency | 52.6 | 39 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Create Medic brought in ¥13.6B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit +45.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13617561000 → ¥713734000
- Net income → operating cash flow: ¥713734000 → ¥530120000（difference ¥-183614000）
- Main uses of operating cash flow: CapEx ¥445118000 / dividends ¥314746000 / buybacks ¥200156000
- Change in cash: ¥-601439000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.6B |  |
| Operating income | ¥1.01B | Margin 7.4% |
| Net income | ¥713.7M | Margin 5.2% |
| Free cash flow | ¥85M |  |
| Employees (consolidated) | 1,010 |  |
| EPS | ¥82.97 |  |
| Diluted EPS | ¥79.52 |  |
| Book value per share | ¥1160.01 |  |
| Equity ratio | 81.1% |  |
| Shares outstanding | 9,664,327 |  |
| Treasury shares | 1,279,200 |  |
| Shareholders | 7,027 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 25.1% | Cash ÷ revenue 37.2% |
| Vs. industry median margin | -3.7 pp | Medical Devices |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10830471000 | ¥13617561000 | +25.7% |
| Operating income | ¥984821000 | ¥1005082000 | +2.1% |
| Operating margin | 9.1% | 7.4% | -1.7 pp |
| Employees | 1,216 people | 1,010 people | -16.9% |
| Cash and equivalents | ¥3083347000 | ¥5060622000 | +64.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,618 | 100.0% | S100XUEF |
| Cost of revenue | 7,624 | 56.0% | S100XUEF |
| Gross profit | 5,994 | 44.0% | S100XUEF |
| SG&A | 4,989 | 36.6% | S100XUEF |
| Operating income | 1,005 | 7.4% | S100XUEF |
| Ordinary income | 988 | 7.3% | S100XUEF |
| Pretax income | 1,061 | 7.8% | S100XUEF |
| Income tax | 347 | 2.5% | S100XUEF |
| Net income | 714 | 5.2% | S100XUEF |
| Net income attributable to owners | 714 | 5.2% | S100XUEF |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 37 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 44.0% → Operating margin 7.4% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.5%; Core profit growth: +45.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.02×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,030 | 13,618 | 587 | +4.5% |
| Gross profit | 5,704 | 5,994 | 290 | +5.1% |
| Operating income | 692 | 1,005 | 313 | +45.1% |
| Net income attributable to owners | 841 | 714 | -127 | -15.1% |
| Operating cash flow | 2,250 | 530 | -1,720 | -76.4% |
| Free cash flow | 1,774 | 85 | -1,689 | -95.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,844 | 1,083 | 10.0% | 725 | 880 | 633 | S100L2TW |
| FY ending Dec 2020 | 10,830 | 985 | 9.1% | 660 | 1,249 | 839 | S100NSFQ |
| FY ending Dec 2021 | 11,699 | 867 | 7.4% | 660 | 1,249 | 630 | S100QHHM |
| FY ending Dec 2022 | 12,327 | 741 | 6.0% | 482 | 479 | 116 | S100T5T5 |
| FY ending Dec 2023 | 12,585 | 803 | 6.4% | 154 | 699 | 247 | S100VIIX |
| FY ending Dec 2024 | 13,030 | 692 | 5.3% | 841 | 2,250 | 1,774 | S100XUEF |
| FY ending Dec 2025 | 13,618 | 1,005 | 7.4% | 714 | 530 | 85 | S100XUEF |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.5M |
| Operating income per employee (consolidated) | ¥995.1K |
| Net income per employee (consolidated) | ¥706.7K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,170 | 1,117 | 962 | 1,002 | 1,010 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.3M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 45.6 years | 46.3 years | 45.9 years | 46.6 years | 45.9 years |
| Average tenure (parent company) | 20.6 years | 21.3 years | 21.0 years | 21.6 years | 20.9 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +4.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 530 | 3.9% | S100XUEF |
| Capital expenditure | 445 | 3.3% | S100XUEF |
| Free cash flow | 85 | 0.6% | 算出 |
| Investing cash flow | -573 | -4.2% | S100XUEF |
| Financing cash flow | -600 | -4.4% | S100XUEF |
| Dividends paid | 315 | 2.3% | S100XUEF |
| Share buyback | 200 | 1.5% | S100XUEF |
| Change in cash | -601 | -4.4% | S100XUEF |
| Cash and equivalents | 5,061 | 37.2% | S100XUEF |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,414 | 3,702 | 3,771 | 5,662 | 5,061 | S100T5T5, S100VIIX, S100XUEF |
| Total assets | 18,076 | 18,866 | 19,259 | 20,048 | 20,143 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Net assets | 14,220 | 14,724 | 14,944 | 15,751 | 16,332 | S100T5T5, S100VIIX, S100XUEF |
| Share capital | 1,462 | 1,462 | 1,462 | 1,462 | 1,462 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Trade receivables | 2,309 | — | — | — | — | S100QHHM |
| Property, plant and equipment | 5,080 | 5,163 | 5,389 | 4,844 | 4,710 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Intangible assets excluding goodwill | 687 | 637 | 566 | 532 | 419 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Investment securities | 394 | 548 | 454 | 620 | 670 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Current assets | 11,575 | 12,129 | 12,723 | 13,940 | 14,223 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Current liabilities | 2,573 | 2,817 | 2,967 | 3,105 | 2,024 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Trade payables | 451 | 488 | 499 | 535 | 460 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Short-term borrowings | 800 | 800 | 800 | 800 | — | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Total liabilities | 3,855 | 4,142 | 4,314 | 4,297 | 3,811 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Equity attributable to owners of parent | 13,365 | 13,207 | 13,028 | 13,023 | 13,226 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Retained earnings | 10,931 | 10,769 | 10,586 | 11,078 | 11,476 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |
| Treasury stock | -514 | -510 | -506 | -1,003 | -1,198 | S100QHHM, S100T5T5, S100VIIX, S100XUEF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XUEF |
| Property, plant and equipment | 24% | S100XUEF |
| Intangibles and goodwill | 2% | S100XUEF |
| Investment securities | 3% | S100XUEF |
| Other assets | 46% | S100XUEF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XUEF |
| Other liabilities | 17% | S100XUEF |
| Equity | 81% | S100XUEF |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,076 | 18,866 | 19,259 | 20,048 | 20,143 |
| Equity | 14,220 | 14,724 | 14,944 | 15,751 | 16,332 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,414 | 3,702 | 3,771 | 5,662 | 5,061 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 34.6% | S100XUEF |
| Fixed assets ÷ total assets | 23.4% | S100XUEF |
| Goodwill ÷ parent equity | — | —, S100XUEF |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 25.1% |
| Cash ÷ revenue | 37.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.7% |
| Cash vs. profit gap | -184 JPY mn (of net income -25.7%) |
| Shareholder returns / net income | 72.1% |
| Shareholder returns / FCF | 605.8% |
| Shareholder payments — dividends / net income | 44.1% |
| Shareholder payments — dividends / FCF | 370.3% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 108.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.6% | 0.65× | 3.7% | 1.35× | 4.9% | S100QHHM |
| 2022 | 3.9% | 0.67× | 2.6% | 1.39× | 3.6% | S100T5T5 |
| 2023 | 1.2% | 0.66× | 0.8% | 1.45× | 1.2% | S100VIIX |
| 2024 | 6.5% | 0.66× | 4.3% | 1.51× | 6.5% | S100XUEF |
| 2025 | 5.2% | 0.68× | 3.6% | 1.53× | 5.4% | S100XUEF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| つづき企画株式会社 | Major shareholder | 13.8% | 2025-12-31 |
| 中尾 廣政 | Major shareholder | 7.7% | 2025-12-31 |
| 公益財団法人中尾奨学財団 | Major shareholder | 7.2% | 2025-12-31 |
| 株式会社横浜銀行 | Major shareholder | 5.0% | 2025-12-31 |
| 中尾 政嗣 | Major shareholder | 3.0% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.5% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合委員光通信株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 笠原 正孝 | Major shareholder | 2.4% | 2025-12-31 |
| クリエートメディック従業員持株会 | Major shareholder | 1.7% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （インタラクティブ・ブローカーズ証券株式会社 代表取締役 ケリガン ダニエル） | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/01/01－2025/12/31) | S100XUEF | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUEF,, |
| 有価証券報告書－第51期(2024/01/01－2024/12/31) | S100VIIX | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIIX,, |
| 有価証券報告書－第50期(2023/01/01－2023/12/31) | S100T5T5 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5T5,, |
| 有価証券報告書－第49期(2022/01/01－2022/12/31) | S100QHHM | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHHM,, |
| 有価証券報告書－第48期(令和3年1月1日－令和3年12月31日) | S100NSFQ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSFQ,, |
| 有価証券報告書－第47期(令和2年1月1日－令和2年12月31日) | S100L2TW | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2TW,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).